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Expanded Definition

Dow is a large diversified, global chemical company with numerous plants and product lines. Its major business units are--

Agriculture

Consumer and Lifestyle

Energy

Infrastructure and Transportation

The company was founded by Herbert Dow to extract bromine from the salt domes of Michigan. That required chlorine to convert natural bromide to volatile bromine. The company was an early user of electrochemical cells to make chlorine from salt. It also sold chlorinated lime (now called calcium hypochlorite) an early disinfectant and the original agent used to chlorinate drinking water. Later chlorinated solvents were developed including chloroform, trichloroethylene, the vapor degreaser for metals, and Permachlor, the non flammable dry cleaning solvent. The company is famous for an integrated system that allows it to recover and recycle byproduct chlorides on its major sites.

Dow owns Dow-Corning in a joint venture with Corning Glass Works and through subsidiary Hemlock is a major producer of polysilicon for integrated circuits and photovoltaicsolar cells. In 2014, Hemlock announced plans to write off its $1.6B investment in a new polysilicon plant in Clarksville, TN. This resulted in a $500MM writeoff to both Dow Chemical and Corning. The plant is the victim of low cost polysilicon imported from China.

Divestitures

In recent times the company has focused on selling off it low margin commodity businesses and adding specialty chemicals lines through acquisitions. Its major acquisitions include Union Carbide and Rohm & Haas (2009). In 2010, Dow sold its styrenics business to Bain Capital. The styrenics business presumably included styrene monomer, polystyrene, and styrene co-polymers such as ABS. In 2011, the polypropylene business was sold to Braskem.

As a global chemical company Dow has invested in manufacturing plants around the world. That included investments in the mideast to convert abundant hydrocarbons there into marketable chemicals. In 2014, Dow announced the sale of its interest in two Kuwaiti JVs. The businesses made polyester fibers, antifreeze, and plastics. Presumably that means ethylene, ethylene glycol, and polyethylene.

In 2014, Dow announced the sale of its polypropylenecatalyst business to WR Grace. Dow also announced plans to divest three more businesses: Angus Chemical Company, (maker of nitromethane, nitroparaffin solvents, AMP amine, Trisamino, and related specialty chemicals), (Angus Chemical was sold to Golden Gate Capital), sodium Borohydride (most often used in synthesis of high value materials like drugs, also as stabilizer for some materials) (sold to Vertellus Specialities), and AgroFresh (according to website technology to extend shelflife of flowers, fruits and vegetables by blocking the ripening caused by natural ethylene). Previously announced carve-out of its U.S. Gulf Coast Chlor-Alkali/Chlor-Vinyl, Global Chlorinated Organics and Epoxy businesses, is expected with signed agreements in the second quarter of 2015..

In 2014, Dow received USDA approval for its Enlist 2,4-D resistant corn and soybeans. Enlist still awaits EPA approval. Enlist is potentially a second generation alternative to Monsanto's market leading Round-up Ready Soybeans, where weeds are becoming increasingly resistant to Round-up.